Jacobs Entertainment Acquires Bonanza Inn in Reno
In a probate auction held in Washoe County on Friday, Jacobs Entertainment successfully acquired the Bonanza Inn for the final price of $3,005,000.00. The CEO of Jacobs Entertainment, Jeff Jacobs, expressed his excitement about the acquisition, stating that the company plans to transform the property into approximately fifty units of quality, workforce housing to improve the current uninhabitable structure. The project aims to address the need for affordable housing for Reno’s working families.
The Bonanza Inn, located at 215 W. 4th St, was permanently closed in 2022 after repeatedly being cited for code violations by the City of Reno. Jacobs Entertainment had previously expressed interest in acquiring the property in November 2023, with plans to develop additional workforce housing and affordable senior housing units.
However, in a surprising turn of events, Jacobs Entertainment announced on January 31, 2024, that it had decided to not acquire the Bonanza Inn after all, opting to focus its attention on other opportunities and partnerships to revitalize Reno’s Downtown and deliver quality, affordable housing options.
The Bonanza Inn has been a historic property in Reno, and its acquisition by Jacobs Entertainment has been closely followed by the community. Jacobs Entertainment has been actively involved in the redevelopment of Reno’s Neon Line District, including significant upgrades to the J Resort and the creation of the Glow Plaza festival grounds.
The company’s commitment to transforming blighted downtown properties into quality housing for the residents of Reno is an integral part of its vision for the city’s revitalization. As Jacobs Entertainment continues to seek opportunities for investment and development in Reno, the future of the Bonanza Inn remains uncertain.
For more information about Reno’s Neon Line District and ongoing development projects, visit https://renosneonlinedistrict.org/. As Jacobs Entertainment reassesses its options and prepares to share future plans, the Reno community eagerly anticipates further updates on the fate of the iconic Bonanza Inn property.
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